Bloomberg reports, citing people familiar with the matter, that Apple is prepping major changes to iTunes that will be released by the end of 2012. The changes are intended to improve how people find content and how they access materials that they already own on their Apple devices. Bloomberg said that music sharing and iCloud file integration will be heavily featured in the revamped iTunes. Music sharing is most likely to happen through Facebook and Twitter, with which Apple has partnered for sharing content within Mountain Lion and iOS 6.
On the iCloud integration front, Apple is reportedly going to make it easier for users to access and manage their files and is also working on splitting out some functionality on iTunes as it did on iOS with a new Podcasts app.
The company is also planning to make more multimedia content available in the iTunes Store, asking music labels to provide more video and photos to help expand its offerings.